Romania Parking Management Market (2023-2029) | Forecast, COVID-19 IMPACT, Share, Analysis, Industry, Companies, Trends, Value, Size, Revenue & Growth

Romania Parking Management Market Synopsis

Romania Parking Management Market witnessed growth during past years owing to increasing urbanization, residential developments and a rise in the total stock of offices. For instance, the total stock of class A and B grade offices in Bucharest reached 3.32 million square meters at the end of 2022 and a 9% annual increase in unit sales throughout 2022 has been witnessed in the Bucharest-Ilfov region. During Q1-Q3 2022, 52,794 new homes were delivered in Romania out of which 16,163 new homes were delivered in Bucharest alone. Additionally, the growing number of vehicles on the road of Romania has fueled the demand for on-street and off-street parking, thus boosting the overall parking management market.

According to 6Wresearch, Romania Parking Management Market revenue is projected to grow at a CAGR of 5.8% from 2023-2029. The government of Romania also putting efforts to increase the urbanization rate on the back of policies such as the Romanian Urban Policy, and Cohesion Policy in 2021-2027. According to the Word Bank, the country is expecting to witness a 10.65 million urban population by 2030 from 10.33 million in 2022. Moreover, the Urban Regeneration trend in the nation i.e., transforming the old buildings into new ones has been supported by the project of HILS Development in Bucharest that would feature 20,000 sqm of offices, schools, 50,000 sqm of commercial areas, paths for bikes, sports, wellness and entertainment facilities. Also, it is expected that the country will reach 9.2 million vehicles on the road in 2025 from 7.5 million vehicles in 2020. Such factors would be driving the need for establishments of on-street parking and off-street parking and therefore, leading to the demand for parking management solutions and services, thus would boost the entire parking management market during the forecast period.

Market Segmentation by Offering

As urbanization and vehicle ownership continue to rise, there is a growing demand for efficient and technology-driven parking management systems. Solutions such as smart meters, mobile apps, and sensor-based technologies are expected to play a pivotal role in optimizing parking operations.

Market Segmentation by Parking Site

Off-street parking site has acquired the largest revenue share in the Romania parking management industry in 2022 and is expected to further dominate the parking management market owing to off-street parking facilities such as parking lots and garages, typically offering a larger number of parking spaces compared to on-street options. This availability makes it more convenient for drivers to find parking without circling the streets.

Market Segmentation by Deployment Type

Cloud-based parking management accounted for the major revenue share in Romania’s overall parking management market as it reduces hardware and maintenance costs and provides authorities to monitor and manage multiple locations simultaneously.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years of Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Romania Parking Management Market Overview
• Romania Parking Management Market Outlook
• Romania Parking Management Market Forecast
• Romania Parking Management Market Porter’s Five forces Analysis
• Romania Parking Management Market Industry Life Cycle Analysis
• Historical Data and Forecast of Romania Parking Management Market Revenues, for the Period 2019-2029F
• Market Drivers and Restraints
• Historical Data and Forecast of Romania Parking Management Market Revenues, By Offering, for the Period 2019-2029F
• Historical Data and Forecast of Romania Parking Management Market Revenues, By Parking Site, for the Period 2019-2029F
• Historical Data and Forecast of Romania Parking Management Market Revenues, By Deployment Type, for the Period 2019-2029F
• Key Performance Indicators
• Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

Thereportprovides a detailed analysis of the following market segments:

By Offering

• Solutions
• Services

By Parking Site

• On-street parking (Shopping Centres, Parks, Gym etc.)
• Off-street parking (Residential, Offices, Hotels, Malls, Airport etc.)

By Deployment Type

• Cloud
• On Premises